The Irish startup has developed the world’s first Dash cryptocurrency payment wristband. Named Festy, the device allows the wearer to pay for products with the Dash cryptocurrency. Users can add funds to their wrist-mounted “wallet” at a Festy-branded ATM or using an online transfer service.

Although Dash is a cryptocurrency, Festy is compatible with any point-of-sale system that accept Visa contactless payments. It can also be used to make payments on any phone or computer using near field communication (NFC) tags or offline payments via quick response (QR) codes. The wristband is designed primarily for bar and festival hoppers and can also be used to store tickets, which could play a role in eliminating fraud or verifying ages of compliance at events.

A BETTER PAYMENT SYSTEM

For customers, Festy offers several advantages over traditional credit cards. Payments made via the wearable are nearly immediate and a card number or private key is never displayed.

Vendors benefit from the system, too. “Our partnership with Dash makes the perfect payment solution for everyday transactions,” Bitcart CEO Graham de Barra told Bankless Times. “Unlike existing traditional bank payments that take a two to five percent fee, there is no cost on receiving Dash for merchants.”